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CORRECTED (OFFICIAL)-CRU stops publishing China steel price data on WeChat to comply with index rules

08/06/2021 | 04:06am EDT

BEIJING, Aug 6 (Reuters) - Commodities consultancy CRU on Friday said it has stopped updating China steel price information on social media platform WeChat for compliance reasons after new rules were introduced for price indexes.

China, the world's biggest consumer of steel and most other major commodities, issued the draft rules in June following a sharp rise in commodity prices, as it sought to regulate index providers and improve transparency. The rules took effect on Aug 1.

"CRU stopped updating price information for steel products at an early stage out of compliance considerations," the consultancy said in a brief statement in Chinese on its official WeChat account, adding that it had received a lot of market enquiries about the issue.

Greg Smart, head of steel prices at CRU, clarified to Reuters that the suspension only applied to prices published on WeChat, and the company continues to publish steel prices on its website.

China's fast-growing commodity markets are served by many, mostly private index providers that sell price data on major raw materials, including grains, metals and oil products, to traders and analysts.

London-based CRU launched its Chinese steel price index in 2016 when it set up new office in Shanghai, according to the statement. It also has an office in Beijing.

The consultancy said anyone who needs steel price information could leave their details and would be contacted. (Reporting by Min Zhang and Tom Daly; Editing by Christian Schmollinger)

ę Reuters 2021
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Latest news "Economy & Forex"